CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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EUR Market Wrap

CREDIT PRE-MARKET


  • Bunds ended 5-8bps cheaper driven by Fed chair Powell’s weekend interview & hawkish BoJ sources piece while ongoing high supply and the reassessment of rate expectations continues to feed in.
  • Main/XO ended 1bp/6bp wider, in line with CDX IG and widening 1bp vs. CDX HY and bringing YTD moves to just over +1bp/+17bp. €IG/€HY (liq. screened) tightened 0.3bp/5bp while within €IG shorter-end spreads outperformed very marginally while Financials underperformed (Sr Banks/Insurers the main sectors wider at +0.3bp).
  • SXXP ended flat with large caps outperforming and gains of over 1% in Food & Bev and Health offset by losses in excess of 1.5% in Basic Resources and Retail. Basic Resources and Retail stocks are now the worst YTD sub-indices at -8.6% and -7.4% respectively.
  • The main macro focus overnight has been resurgent China equities where the nations SWF vowed to increase ETF, while the securities watchdog is encouraging share buy backs. USTs regained some ground but news in the space has been light.
  • Looking to today we have:

Time C Event

07:00 GE Factory Orders

08:30 GE HCOB Germany Construction PMI

09:00 EC ECB 1yr & 3yr CPI Expectations

09:00 IT Consumer/Manufacturing Confidence & Economic Sentiment

09:30 UK S&P Global UK Construction PMI

10:00 EC Retail Sales

12:00 UK BOE Quarterly APF Report

17:00 US Fed's Mester

18:00 US Fed's Kashkari

19:00 US Fed's Collins

Curncy

Bond Type

Issuer

Exp Rating

Rank

Ticker

B'mark

Amount (bn)

Spread (bp)

Δ IPT (bp)

BBG NIC (bp)

Cover (x)

EUR

Banks (Sr Pref)

ALPHA BANK SA

BB-

Sr Preferred

ALPHA 5 05/12/30

B

0.40

N/A

38

N/A

2.4

EUR

Banks (Sr Pref)

CENTRAL BANK OF SAVINGS

NR

Sr Preferred

CBSBKF Float 02/12/26

FRN

0.30

100

N/A

N/A

N/A

EUR

Banks (Sr Pref)

LA BANQUE POSTALE

A

Sr Preferred

FRLBP 3 1/2 06/13/30

MS

0.75

90

33

-37.6

1.7

EUR

Banks (T2)

DANSKE BANK A/S

BBB

Subordinated

DANBNK 4 5/8 05/14/34

MS

0.75

195

N/A

N/A

2.8

EUR

Banks (Sr Bail-In)

CAIXABANK SA

BBB

Sr Non Preferred

CABKSM 4 1/8 02/09/32

MS

1.25

150

35

7.7

2.4

EUR

Pharma

BECTON DICKINSON & CO

BBB

Sr Unsecured

BDX 3.519 02/08/31

MS

0.75

85

38

N/A

3.3

Grand Total

4.20

124

36

-15.0

2.5

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